H.P. Chaturvedi, Member - (1.) The present petition is filed U/s. 7 of the Insolvency & Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by the petitioner/Depositors jointly to initiate Corporate Insolvency Resolution Process on such ground that the Corporate Debtor company M/s. Jaypee Infratech Ltd. commits default in making payment of their maturity amount of the fixed deposits, even after maturity periods and due date of payment, has now become due.
(2.) The total outstanding amount on the petitioner's FD's is stated to have been defaulted is Rs. 85,79,105/- (inclusive interest of Rs. 13,68,445/-.) The details particulars about the FD's, due date of its payment/or amount of payment are described in the synopsis and dates of events of the present petition.
(3.) The petitioners, who made their fixed deposits with the respondent Corporate Debtor Company, claim their status as such of 'Financial Creditor' Under Section 5(7) of the Insolvency & Bankruptcy Code, 2016, for the purpose of proceeding under the I & B Code.;